The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-25
MARKETS BY TELEGRAPH.
FINANCIAL.

New YORK, June "A. noon.-Stocks active and
| weak. Money tight and scarce at Ar per cent.
| Exchange-long 81 S314614 S31S, short 81 S414Q1
8434 State bonds neglected. Government bonds
| dull but steady.
SD m.ZExchange demoralized and heavy at
81 S4614 S51s. Money very tight at 6@5-l6 per
| cent, closing at 6 per cent. bid. SubTreasury
balances-Gold, Sl3i,512 900: currency SIS, 952,
| 900. Government bonds dull and heavy; four per
cents 1879; four and a half per cents 1925. State
| bonds dull but steady.
The stock market was subjected to-day to one
| of the heaviest drives ever known in its history,
and although its duration was short-ebout an
| hour and half-the depression caused in prices
| during that time was something unprecedented.
| The market early In the morning gave no indi-
| cation OF anything unusual Prices were heavy,
and the same quiet business as usual of late was
| transacted. Suddenly, shortly after IL o'clock,
an attack was begun, Gould stocks being the
marked down from 1868 to 1l5 Missouri Pacific
| from 1854 to 90, and Western Union from 75s6
! to 6715. Rumors were circulated Mt the same
| time of q disagreement between Could Field
and Sage, and later this was followed by reports
of the death of Gould. The money market was
| not neglected, and rates were marked up TO -l6
| per cent. and interest. A great selling move
! ment begun, which soon became panic, and
| fluctuations were no longer confined to fractions
but prices dropped in some cases 2d13 per cent
at time. Stories in regard to Mr.. Could soon
met with prompt denial by even professional
bears, who were influential In stopping wild sales
| OF securities. Other rumors which had been set
at1oat were disproved, and liberal buying soon
turned the tide of affairs. A free recovery fol
lowed in all except few of the conspicuously
weak stocks, among which Manhattan and Rich
mond and West Point were the most conspicu
GUS Specialties were not sharers TO any great
extent IN the movement, which was confined TO
leading speculative stocks The opening was
quiet and firm to strong. first prices generally
showing advances OF from " to "a per cent.
over yesterdays closing Gould stocks were
noticeahly heavy. although their declines for the
first hour were confined to less than per cent
while the remainder Of the market was irregu-
lar, with narrow fluctuations, when the great
drive made everything give way with rush.
The most Of the decline was over by noon, but
the recovery was not fairly under way before
D. M when the market again subsidized into mid
summer dullness. There was more trading
later, and the market huctuated frequently, the
general tendency being upward. AT the close IL
was still unsettled but generally firm. The total
business for the day was the largest for any day
so far this year. amounting TO $50 900 shares
The entire active list is lower, and Manhattan
Is down 216 per cent. Denver preferred ~,
Richmond and West Point and Northwestern
pa Western Union "a Missouri Pacific "a,
Texas Pacific ~, Colorado Coal M Lake Erie
and Western preferred IA, Oregon fransc0ntl-
mental Isz. New England N, Reading ~, Wheel
ing aud Lake Erie 2. and others fractional
amounts. The following are the closing quota
tions: